Sterling Bank Plc has reported a trading income of N7.1 billion for the third quarter ended September 30, 2020 compared with N1.9 billion for the corresponding period of 2019, representing an increase of 264.7 per cent.
The Managing Director and Chief Executive Officer (MD/CEO), Mr. Abubakar Suleiman, said: “Our performance continues to reflect positive results of strategic decisions and investments in our focus areas as we continued to record significant improvement in both funding and operational costs.
“Overall, we delivered a 7.2 percent increase in operating income and a profit after tax of N7.37 billion despite prevailing uncertainties around the COVID-19 pandemic and recent fiscal reforms.”
The CEO said, a 26.2% dip in fee income occasioned by the downward review of electronic banking fees, and slower loan origination due to the protracted lock down was moderated by a 264.7% spike in trading income.
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